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Lemon Gardens Apartments 8694 Lemon Ave 24 Unit Apartment Building $12,388,859 CAD ($516,202 CAD/Unit) 4.61% Cap Rate La Mesa, CA 91941
Investment Highlights
- All 3bd/2ba units averaging 1,092 SF
- Community amenities include a swimming pool, large patio space with a BBQ, community laundry facilities, extra storage, and abundant on-site parking.
- The unit interiors and building exterior can be renovated to achieve higher rents.
- Downstairs units have large private yards
- In-place rents are below market, even in the property’s current as-is condition.
Executive Summary
This 24-unit multifamily offering presents a compelling opportunity to acquire a well-located asset comprised entirely of three-bedroom, two-bathroom floor plans, with large private yards for the downstairs units and balconies in 10 of the 14 upstairs units. Community amenities include a swimming pool, large patio space with a BBQ, community laundry facilities, extra storage, and abundant on-site parking.
The offering represents a true value-add opportunity, with the potential to upgrade both unit interiors and the building exterior to achieve substantially higher rents. Ideally situated near La Mesa Village, the property benefits from a highly walkable neighborhood with a Walk Score of 87. Residents enjoy immediate access to restaurants, coffee shops, bars, and retail along La Mesa Boulevard. The property is also approximately 0.8 miles from a San Diego Trolley station served by the Orange Line.
The offering represents a true value-add opportunity, with the potential to upgrade both unit interiors and the building exterior to achieve substantially higher rents. Ideally situated near La Mesa Village, the property benefits from a highly walkable neighborhood with a Walk Score of 87. Residents enjoy immediate access to restaurants, coffee shops, bars, and retail along La Mesa Boulevard. The property is also approximately 0.8 miles from a San Diego Trolley station served by the Orange Line.
Property Facts
| Price | $12,388,859 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $516,202 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.00 AC |
| Cap Rate | 4.61% | Building Size | 26,206 SF |
| Gross Rent Multiplier | 11.2 | Average Occupancy | 97% |
| No. Units | 24 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 1.45/1,000 SF |
| Zoning | C | ||
| Price | $12,388,859 CAD |
| Price Per Unit | $516,202 CAD |
| Sale Type | Investment |
| Cap Rate | 4.61% |
| Gross Rent Multiplier | 11.2 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.00 AC |
| Building Size | 26,206 SF |
| Average Occupancy | 97% |
| No. Stories | 1 |
| Year Built | 1973 |
| Parking Ratio | 1.45/1,000 SF |
| Zoning | C |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Carpet
- Yard
- Grill
- Patio
Site Amenities
- Laundry Facilities
- Picnic Area
- Pool
- Grill
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 24 | $3,830 CAD | 1,063 - 1,149 |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 494-310-24 | Improvements Assessment | $4,098,396 CAD |
| Land Assessment | $1,658,215 CAD | Total Assessment | $5,756,611 CAD |
Property Taxes
Parcel Number
494-310-24
Land Assessment
$1,658,215 CAD
Improvements Assessment
$4,098,396 CAD
Total Assessment
$5,756,611 CAD
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Lemon Gardens Apartments | 8694 Lemon Ave
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